Market set to open lower on negative global cues

Market is likely to open lower on negative global cues. Trading of Nifty 50 futures on the Singapore stock exchange indicates that the Nifty could slide 53 points at the opening bell.

In overseas stock markets, Asian stocks edged lower after steep slide in global crude oil prices yesterday, 7 December 2015. US stocks declined yesterday, 7 December 2015, weighed by a sharp decline in energy stocks as oil plunged to a near-seven-year low.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 65.04 crore yesterday, 7 December 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 54.90 crore yesterday, 7 December 2015, as per provisional data.

Among corporate news, TCS announced that IDFC Bank has gone operational with TCS BaNCS for core banking operations. IDFC Bank started operations on 1 October 2015, with operations powered by TCS BaNCS. TCS made the announcement after market hours yesterday, 7 December 2015.

Tata Motors' British luxury car unit Jaguar Land Rover (JLR) yesterday, 7 December 2015 reported 27% rise in retail sales to 46,547 vehicles in November 2015 over November 2014. Retail volumes in China were down 22% in November 2015 over November 2014, reflecting slowdown in the economy, JLR said.

ITC announced after market hours yesterday, 7 December 2015 that Greenacre Holdings (GHL) has acquired 87.06% of the equity share capital of Classic Infrastructure & Development (CIDL), an associate of Russell Credit (RCL), at an aggregate consideration of Rs 11.38 crore. GHL is a wholly owned subsidiary of RCL, which is a wholly owned subsidiary of ITC. CIDL having become a wholly owned subsidiary of GHL and also of RCL, has also become a wholly owned subsidiary of ITC with effect from 7 December 2015.

CIDL is engaged in the business of property maintenance & management and its networth as on 31 March 2015 and profit after tax for the year ended on that date were Rs 8.44 crore and Rs 20.16 lakh, respectively, ITC said.

Infosys after market hours yesterday, 7 December 2015, announced that it intends to create 250 new jobs in Ireland over the next three years. This includes 95 roles at a dedicated product-centric research and development centre which will be established by Infosys' subsidiary EdgeVerve Systems in Ireland.

Ashok Leyland announced after market hours yesterday, 7 December 2015 that the company has started its regular operations at its Ennore manufacturing unit near Chennai from 7 December 2015. Earlier, the company had announced stoppage of production activity at its Ennore plant due to heavy rains/floods in Chennai. The company said that it will be able to assess the losses arising from heavy rains and floods only after an assessment is done by the insurance company.

Trading for the week began on a downbeat note yesterday, 7 December 2015, as losses for index heavyweight ITC and stocks of oil exploration and production (E&P) companies pulled key benchmark indices lower. The Sensex lost 108 points or 0.42% to settle at 25,530.11, its lowest closing level since 18 November 2015.

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